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Overseas Financial Account Reporting (Korea)

❓️Who is required to report
Korean residents or domestic corporations as of December 31, 2024

⏰️ Reporting deadline
June 30, 2025

❓️ Reporting threshold
If the total balance of all overseas accounts (including virtual assets) exceeds 500m KRW on any end-of-month date in 2024

❓️ What must be reported
- All overseas financial accounts opened with foreign financial institutions that contain: cash, stocks, bonds, investment funds, insurance products, derivatives, virtual assets

 - Personal wallets (cold wallets) are not included in the report this time

⚠️ Penalties for failure to report (or underreporting)
- 10% fine on the unreported or underreported amount
- If the amount exceeds 5 billion KRW:
→ 20% fine on the portion exceeding 5 billion
→ Possible criminal prosecution and public disclosure of name

❓️ How to report
Submit electronically via the Hometax website or the Sontax mobile app

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